ACN 201, AUTUMN 2022
ASSIGNMENT -THE COMPLETE ACCOUNTING CYCLE
Marks: 5
The assignment is due on mid- term exam date.
This assignment is a hand- written and individual assignment.
This assignment is worth 5% of your final course grade.
This assignment is related to the understanding of the concept of chapter 1, 2,3 &4.
MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW.
Requirements
Requirement 1 – Make a tabular analysis of the transactions.
Requirement 2—Prepare the Journal Entries in the General Journal
Requirement 3—Post Journal Entries to the Ledger
Requirement 4—Prepare a Trial Balance
Requirement 5—Prepare the Adjusting Entries
Requirement 6— Prepare an adjusted trial balance
Requirement 7—Prepare a work sheet
Requirement 8— Prepare an income statement, owner’s equity statement and
balance sheet
Requirement 9—Prepare the Closing Entries
Requirement 10— Prepare the Post Closing Trial Balance
HINTS
Tabular analysis
Journal Entries
T Accounts
Trial Balance
Adjusting Entries
Adjusted trial balance
Worksheet
Financial Statements
Closing Entries
Post Closing TB
During its first month of operation, the Flower Landscaping Corporation, which specializes in residential landscaping,
completed the following transactions.
March 1
Owner invested $72000 cash in the business.
March 2
Paid the current month's rent, $4,500.
March 3
Paid the premium on a 1-year insurance policy, $3,300.
March 7
Purchased supplies on account from Parkview Company, $900.
March 10
Paid employee salaries, $2,200.
March 14
Purchased equipment from Hammond Company, $9,000. Paid $1,500 down and the balance
was placed on account.
Note: Use accounts payable for the balance due.
March 15
Received cash for landscaping revenue for the first half of March, $4,896.
March 19
Made payment on account to Parkview Company, $450.
March 31
Received cash for landscaping revenue for the last half of March, $5,304.
Requirements:
1. Make a tabular analysis of the transactions using the following column headings: cash, prepaid
insurance, supplies, equipment, accounts payable, owner’s capital, owner’s drawings, revenue and
expense.
2. Prepare journal entries to record the March transactions.
3. Prepare necessary T Accounts
4. Prepare a trial balance on March 31
Other data:
a) One month's insurance has expired.
b) The remaining inventory of supplies is $475.
c) The estimated depreciation on equipment is $150.
Requirements:
5.
6.
7.
8.
9.
10.
Prepare appropriate adjusting entries on March 31.
Prepare an adjusted trial balance on March 31.
Enter the adjusted trial balance on the worksheet and complete the worksheet
Prepare an income statement, owner’s equity statement for March and a balance sheet on March 31.
Prepare the closing entries.
Prepare a post -closing trial balance.